Charles Schwab Corp. customers turned to more bond and savings account holdings in a tough year for stocks, the online broker said Wednesday.
Schwab’s SCHW stock fell 4% after it missed Wall Street forecasts for fourth-quarter earnings and revenue, while providing insights into how investors behaved in the worst stock market since the Global Financial Crisis. Schwab’s fourth-quarter revenue rose 17% to just under $5.5 billion, below the Wall Street target of $5.55 billion.
In the face of rocky financial markets, Schwab said it added 4 million new accounts in 2022, bringing its total to 34 million. Total client assets ended the year at $7.05 trillion, down from $8.14 trillion at the end of 2021.
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